Bridgeport Foreclosure Relief
Homeowners in Bridgeport continue to struggle as they work to save their homes. Bank delays, lost paperwork, changing modification requests and failed governmental programs have combined to allow record home loss as foreclosures have stalled, creating a backlog of "unresolved foreclosures" throughout Connecticut.
Procrastination and delay by banks means failure to homeowners.
Well-presented proposals that encompass a full plan for household debt relief require prompt action and experienced counsel. At The Law Offices of Neil Crane, our Bridgeport attorneys know how to avoid delay and utilize all legal means available to save your home. Our services can provide you with the overall debt relief your family needs to survive. We will discuss all your options up front, including:
- Foreclosure Mediation
- Mortgage Modification
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Unsecured Debt Relief
Mediation Success Requires Prompt Assistance
If you are behind on mortgage payments or have received a notice of foreclosure, call The Law Offices of Neil Crane to schedule a free initial consultation at 203-230-2233 or 888-249-3027 toll free. We have helped thousands of Bridgeport families regain their financial future since 1983.
Experienced Foreclosure Lawyers in Bridgeport
Our experienced attorneys understand that financial solutions need to be customized to your circumstances, and implemented immediately. We know that delay can be deadly to a family's opportunities for success. We use all legal options available to force prompt resolutions, despite the constant delay of banks and government programs.
Regardless of the status of any pending mortgage default or foreclosure proceeding, Chapter 13 bankruptcy allows homeowners to become current on their mortgage over three to five years while modifying or discharging unsecured debt through an overall plan of recovery. Chapter 13 bankruptcy protection also makes provisions for the removal of second mortgage junior encumbrances and removal of other liens.
Bridgeport Foreclosure Rates and Foreclosure Delay
The Bridgeport foreclosure system has seen a huge increase in activity and increased caseloads of Bridgeport property foreclosures since 2007. The number of foreclosures commenced in 2009 was nearly 2.5 times the rate in 2007.*
Concurrent with the increase in Bridgeport foreclosures, the rate of completed foreclosures has drastically declined from 32% to a record low of 8% in 2011. This has generated a drastic backlog of old Bridgeport foreclosures as banks fail to move forward, stall in mediation, or fail to take back foreclosure deeds to properties which may become blighted Bridgeport homes lingering in foreclosure.
The significant decrease in completed Bridgeport foreclosures could signal a big increase in future Bridgeport home loss or bank-owned real estate as foreclosure delays lead to greater home loss. Real estate experts agree that these REO Bridgeport properties can result in further depressed Bridgeport home sales and values.
Bridgeport Foreclosures and Home Prices
Although the number of properties sold in Bridgeport has remained fairly constant since the fall off in 2007, the median price of a Bridgeport home has fallen from $234,900 to $109,900 — a drastic loss of $125,000 or 53% in just five years. The loss in value for Bridgeport single-family homes reflects a similar fall from a high in 2007 of $248,000 to a median price of $122,000 in 2011 — just over a 50% decrease in Bridgeport single-family home values in a similar five-year period.
Bridgeport Bankruptcy Courts and State Court Foreclosure
If you live in Bridgeport, filing for bankruptcy assistance would be done in the Bridgeport District of Federal Court.
Your First Meeting of Creditors would be held at one of the following locations:
- In New Haven at 157 Church Street, New Haven, CT 06510 (Chapter 7 cases)
- In Bridgeport at 915 LaFayette Boulevard, Bridgeport, CT 06604 (Chapter 13 cases)
If you live in Bridgeport and have a lawsuit pending against you or a foreclosure on your Bridgeport property, you would appear in the Bridgeport court system located at:
1061 Main Street, Bridgeport, CT 06604
Town Clerk: Alma L. Maya
43 Lyons Terrace, Bridgeport, CT 06602
Bridgeport Real Estate Market Statistics Through December 2016:
|2012||2013||2014||2015||2016||5 Year Change|
|No. of Sales||1027||817||1014||1146||1431||(+39.3%)|
Bridgeport Lost Homes due to Foreclosure Statistics through December 2016
|2012||2013||2014||2015||2016||5 Year Change|
Real Solutions at The Law Offices of Neil Crane since 1983
Many Bridgeport homeowners are still at risk for losing their homes given recent increases in Bridgeport foreclosures and the large backlog of unresolved foreclosure cases still pending. These families need prompt and experienced attorneys who know how to use all the legal options available to create successful plans for debt relief and long-term home ownership. Our hardworking lawyers and clients continue to succeed despite slow banks and ineffective government programs.
Bridgeport Mortgage Modification and Foreclosure Attorneys
Contact us now to speak with an experienced attorney and arrange a free consultation that addresses your entire financial picture. Our Bridgeport bankruptcy attorneys are available to speak with you now at 203-230-2233 or 888-249-3027 toll free.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
*Source: The Warren Group – Boston, MA – www.thewarrengroup.com